ST Engineering's Aerospace Arm Signs Transaero Airlines As Panama Aerospace Engineering's Second Customer

(Singapore, October 26, 2007) -- Singapore Technologies Engineering Ltd (ST Engineering) today announced that Panama Aerospace Engineering Inc (PAE), a subsidiary of its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace), has been awarded a contract worth US$3.1m (about S$4.5m) by Transaero Airlines (Transaero). This makes Transaero PAE's second customer since PAE commenced operations in May this year. The contract is for C checks and maintenance work on Transaero's fleet of 10 Boeing 737-500 aircraft. PAE will commence work on the first aircraft in October, targeting for redelivery in December this year. The last aircraft is expected to be redelivered in end 2008.

This contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

"We are pleased that Transaero has selected PAE for its maintenance requirements. This contract award is testament to our customers' confidence in ST Aerospace and our initiative in PAE. We are confident that PAE will do well and continue to expand its customer base, and help to service ST Aerospace's global customers." said TAY Kok Khiang, President, ST Aerospace.

Source : ST Engineering Ltd.

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